Oando Names Zubairu Director, As UACN Announces 22% Stake By Stanbic, Others

Barely two weeks after appointment of Alhaji Bukar Goni Aji, the 17th Head of the Civil Service of the Federation, apparently a nominee of Alhaji Dahiru Mangal, as a non-executive director, the board of Oando Plc, last Thursday, announce the appointment of Muntari Muhammed Zubairu as executive director,

Zubairu, whose appointment is with effect from February 5, 2018, was until his recently a Deputy General Manager and Group Head, Commercial Banking North, at Access Bank Plc.

Before then, he was Group Head, Retail Banking and Public Sector at First Bank between 2010 and 2017; Group Head Commercial Banking and Divisional Head Public Sector at Diamond Bank from 1998 to 2010 and FSB International Bank from 1995 to 1998.

The new ED, according to a statement to the Nigerian Stock Exchange (NSE) by Ayotola Jagun, Oando’s Chief Compliance Officer and Company Secretary, holds an MSc in Project Management from the University of Salford, an MBA from the University of Abuja and Bachelor Degree in Electrical Engineering from the Ahmadu Bello University, was also at Citibank Nigeria between 1992 and 1995.

A member of the Chartered Institute of Bankers of Nigeria (CIBN), he is also a member of the Nigerian Society of Engineers and Council for the Regulation of Engineering in Nigeria (COREN).

Meanwhile, last week also, the nation’s foremost conglomerate, UACN Plc, announced changes in the beneficial ownership of its shares in issue, with three institutional investors holding a cumulative 22%.

A February 1, 2018 filing by Godwin Samuel, UACN’s Company Secretary/Legal Adviser, noted that Stanbic IBTC Nominees Nigeria Ltd now holds 225.228m units or 8%; Blakeney GP 111 Ltd, 165.79m, or 6%; while Themis Capital Management holds 232.345m shares or 8%.

According to the company’s rights circular dated November 14, 2017, as at September 30, 2017, Stanbic Nominees Nigeria Ltd held 343.02m shares or 17.86% stake in UACN Plc, which may suggest that it did not fully take its rights in the offer. UACN’s then Managing Director, Mr. Larry Ettah held 2.4m units or 0.125%. Mr. Ettah retired on January 1, 2018, after 11 years on the saddle and was replaced by 57 year-old Abdul Akhor Bello, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and former Executive Director/Chief Financial Officer, responsible for Finance, IT, Risk & Compliance and Investment Relations. He is a former MD of Cap Plc, a member of the UACN Group

The disclosure, he said, is pursuant to Rule 12.1 f the amendments to the NSE Listing Rules.

UACN Plc last year concluded a N15.03bn Rightst Issue of 960.432m ordinary shares of 50 kobo each at N16 per share, to enable it support the various subsidiaries with working capital.

The issue, which was on the basis of one new ordinary share for every two held at the close of business on October 19, 2017 opened on November 15 and closed December 22, 2017.

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